This Government will be in a muddle in Egypt yet.
On Friday week, in answer to Mr. Samuelson, Sir Stafford North- cote stated that "the case of Egypt was peculiar ;" that it was necessary to avoid a catastrophe there which would overthrow the Egyptian dynasty ; that bankruptcy might bring on such a catastrophe ; and that the English and French Governments thought it worth while to avoid it, and remain, as far as possible, in a complete understanding with each other. This statement, coupled with the despatch of an English and French frigate to Alexandria, is of course taken to mean that the two Governments will see the Bondholders paid, a pledge they cannot perform. The Khedive has only to do what Meer Cossira, under much the same circumstanced, did in Bengal,—hint to the Fellahs that they need not pay for one year, and the whole "international arrangement" goes to pieces at once. The British Government is, in fact, giving assurances which are only justifiable if it is prepared to govern Egypt, which apparently M. Waddington will not per- mit it to do; and will ultimately be accused of bad-faith, in not preventing the inevitable bankruptcy. It is very easy to talk of the dismissal of the Khedive, but he is a Turkish Pasha, quite capable of pulling the house over his head, and the heads of all who assail him.
